Barclays Plc’s admission that it rigged the London interbank offered rate shows regulators, central bankers and politicians weren’t paying attention when everyone from Citigroup Inc. to the Bank for International Settlements indicated that the measure was being manipulated.

Barclays Plc Chief Executive Officer Robert Diamond was accused of misleading U.K. lawmakers after a letter from the Financial Services Authority emerged, contradicting his claim regulators were “happy” with the bank.

Robert Diamond said a backlash that has led to the resignation of senior managers and erased $5 billion from the bank’s market value is a consequence of the lender being the first sanctioned for rigging interest rates.